Kurt's, Inc.'s inventory records for a particular development program show the following at December 31: (Click the icon to view the accounting records.) At December 31, nine of these programs are on hand. Requirement 1. Sales revenue is $6,800, operating expenses are $1,200, and the income tax rate is 35%. How much in taxes would Kurt's save by using the LIFO method versus FIFO? Requirement 1. Sales revenue is $6,800, operating expenses are $1,200, and the income tax rate is 35%. How much in taxes would Kurt's save by using the LIFO method versus FIFO? LIFO FIFO Cost of goods sold Cost of goods sold Difference x Income tax rate Tax savings using LIFO X Data table Dec 1 Beginning inventory . . . 5 units @ $ 160 = $ 800 15 Purchase . . . . . . . . . 4 units @ 165 = $ 660 26 Purchase . . . . . . . . . 12 units @ 180 = $ 2, 160 Print Done Check